Dubai– Mubasher: The net profits attributable to the shareholders of Dubai Investments were valued at AED 314.44 million in the first quarter (Q1) of 2023, an annual leap of 55% from AED 202.54 million.

The group posted a 34% hike in revenue to AED 1.01 billion in the first three months (3M) of 2023, compared to AED 761.04 million in Q1-22, according to the consolidated interim financial results.

Basic and diluted earnings per share (EPS) increased to AED 0.07 during Q1-23 from AED 0.04 in Q1-22.

Total assets stood at AED 20.95 billion as of 31 March 2023, an annual drop from AED 21.93 billion.

Khalid bin Kalban, Vice Chairman and CEO of Dubai Investments, said, “Dubai Investments continues to deliver strong and sustainable results fueled by the group’s strategic initiatives and ability to capitalize on key opportunities.

“The response to Danah Bay, our premium beachfront development in the emirate of Ras Al Khaimah, has exceeded all expectations and we are looking forward to launching the next phase,” he added.

The Vice Chairman noted: “We are also progressing well with our expansion into other geographies and enhancing internal capabilities while building on existing businesses.”

Last year, the DFM-listed company recorded net profits worth AED 1.60 billion, higher than AED 619.48 million in 2021.